<PAGE>
FORM 10-Q
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 1997
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
COMMISSION FILE NUMBER: 0-21699
VIROPHARMA INCORPORATED
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
DELAWARE 94-2347624
(STATE OR OTHER JURISDICTION OF (I.R.S. EMPLOYER
INCORPORATION OR ORGANIZATION) IDENTIFICATION NO.)
76 GREAT VALLEY PARKWAY
MALVERN, PENNSYLVANIA 19355
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES AND ZIP CODE)
610-651-0200
(REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)
INDICATE BY CHECK MARK WHETHER THE REGISTRANT (1) HAS FILED ALL REPORTS REQUIRED
TO BE FILED BY SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 DURING
THE PRECEDING 12 MONTHS (OR FOR SUCH SHORTER PERIOD THAT THE REGISTRANT WAS
REQUIRED TO FILE SUCH REPORTS), AND (2) HAS BEEN SUBJECT TO SUCH FILING
REQUIREMENT FOR THE PAST 90 DAYS: YES X NO
----- -----
NUMBER OF SHARES OUTSTANDING OF THE ISSUER'S COMMON STOCK, PAR VALUE $.002 PER
SHARE, AS OF AUGUST 11, 1997: 11,148,911 SHARES.
1
<PAGE>
VIROPHARMA INCORPORATED
INDEX
PART I. FINANCIAL INFORMATION
Page
----
ITEM 1. FINANCIAL STATEMENTS:
Balance Sheets at December 31, 1996 and June 30, 1997 3
Statements of Operations for the three months ended 4
June 30, 1996 and 1997, the six months ended June 30,
1996 and 1997, and the period from December 5, 1994
(inception) to June 30, 1997
Statements of Cash Flows for the six months ended 5
June 30, 1996 and 1997and the period from December 5,
1994 (inception) to June 30, 1997
Notes to Financial Statements 6
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL 9
CONDITION AND RESULTS OF OPERATIONS.
PART II. OTHER INFORMATION
ITEM 2. CHANGES IN SECURITIES 12
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS 12
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K 12
SIGNATURES 13
2
<PAGE>
PART I. FINANCIAL INFORMATION
- ---------------------------------
ITEM 1. FINANCIAL STATEMENTS
VIROPHARMA INCORPORATED
(A Development Stage Company)
Balance Sheets
December 31, 1996 and June 30, 1997
December 31, June 30,
1996 1997
-------------- ------------
ASSETS Audited Unaudited
============== ============
Current assets:
Cash and cash equivalents $ 10,810,310 4,026,293
Short-term investments 11,737,369 15,519,962
Other current assets 197,171 257,768
-------------- ------------
Total current assets 22,744,850 19,804,023
Equipment and leasehold improvements, net 672,029 896,270
Restricted Investment - 300,000
Other assets 36,000 148,480
-------------- ------------
Total assets $ 23,452,879 21,148,773
============== ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable 356,171 340,608
Loan payable - current - 100,000
Obligation under capital lease - current 52,950 57,943
Accrued expenses and other current
liabilities 2,334,026 4,196,176
-------------- ------------
Total current liabilities 2,743,147 4,694,727
Loan payable - non-current - 458,333
Obligation under capital lease - noncurrent 104,571 84,842
-------------- ------------
2,847,718 5,237,902
-------------- ------------
Stockholders' equity:
Preferred stock, par value $.001 per
share. Authorized 5,000,000 shares at
December 31, 1996 and June 30, 1997;
none outstanding - -
Common Stock, par value $.002 per share.
Authorized 27,000,000 shares at
December 31, 1996 and June 30, 1997;
issued and outstanding 9,076,861 shares
at December 31, 1996 and 9,148,911
at June 30, 1997 18,154 18,298
Additional paid-in capital 31,758,996 31,766,870
Deferred compensation (661,337) (553,546)
Unrealized gains on available for
sale securities 58,311 142,484
Deficit accumulated during the
development stage (10,568,963) (15,463,235)
-------------- ------------
Total stockholders' equity 20,605,161 15,910,871
-------------- ------------
Commitments.
Total liabilities and
stockholders' equity $ 23,452,879 21,148,773
============== ============
See accompanying notes to financial statements.
3
<PAGE>
VIROPHARMA INCORPORATED
(A Development Stage Company)
Statements of Operations
(unaudited)
Three months ended June 30, 1996 and 1997,
the six months ended June 30, 1996 and 1997, and the
period from December 5, 1994 (inception) to June 30, 1997
<TABLE>
<CAPTION>
Period
December 5,
1994
Three months ended Six months ended (inception) to
June 30, June 30, June 30,
1996 1997 1996 1997 1997
----------------- --------------- -------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
Revenues:
License fee $ - - - - 1,000,000
Milestone revenue - - - 750,000 750,000
Grant revenue - - - - 526,894
----------------- --------------- -------------- ------------- -------------
Total revenues - - - 750,000 2,276,894
Operating expenses
incurred in the
development stage:
Research and
development 1,209,129 2,640,585 2,624,558 4,548,837 14,251,354
General and
administrative 453,546 785,951 673,719 1,550,519 4,304,731
----------------- --------------- -------------- ------------- -------------
Total
operating
expenses 1,662,675 3,426,536 3,298,277 6,099,356 18,556,085
Interest income, net 18,457 263,678 74,281 455,084 815,956
----------------- --------------- -------------- ------------- -------------
Net loss $ (1,644,218) (3,162,858) (3,223,996) (4,894,272) (15,463,235)
================= =============== ============== ============= =============
Accretion of redemption
value attributable to
mandatory redeemable
convertible preferred stock 259,117 - 375,532 - 1,616,445
----------------- --------------- -------------- ------------- -------------
Net loss allocable to
common shareholders $ (1,903,335) (3,162,858) (3,599,528) (4,894,272) (17,079,680)
================= =============== ============== ============= =============
Pro forma net loss per
share $ (.30) (.35) (.52) (.54)
================= =============== ============== =============
Shares used in computing
pro forma net loss per share 5,552,624 9,083,428 6,163,767 9,080,238
================= =============== ============== =============
See accompanying notes to financial statements.
</TABLE>
4
<PAGE>
VIROPHARMA INCORPORATED
========================
(A Development Stage Company)
Statements of Cash Flows
(unaudited)
Six months ended June 30, 1996 and 1997 and the
period from December 5, 1994 (inception) to June 30, 1997
<TABLE>
<CAPTION>
Period
December 5, 1994
Six months ended (inception) to
June 30, June 30,
1996 1997 1997
------------- ----------- ----------------
<S> <C> <C> <C>
Cash flows from operating activities:
Net loss $ (3,223,996) (4,894,272) (15,463,235)
Adjustments to reconcile net loss to
net cash used in operating activities:
Non-cash compensation expense 43,774 107,791 279,540
Non-cash warrant value - 7,968 117,888
Depreciation and amortization
expense 20,897 109,784 167,806
Changes in assets and liabilities:
Other current assets (183,733) (60,597) (257,768)
Other assets (147) (112,480) (148,480)
Accounts payable 242,259 (15,563) 340,608
Accrued expenses and other
current liabilities (406,091) 1,862,150 4,196,176
------------- ----------- ----------------
Net cash used in operating
activities (3,507,038) (2,995,219) (10,767,465)
Cash flows from investing activities:
Purchase of equipment (204,706) (334,025) (1,064,077)
Purchase of short-term investments
available for sale (3,236,123) (11,834,797) (38,189,466)
Sales of short-term investments - 1,279,134 5,642,888
Maturities of short-term investments - 6,557,243 16,869,100
------------- ----------- ----------------
Net cash used in investing
activities (3,440,829) (4,332,445) (16,741,555)
Cash flows from financing activities:
Net proceeds from issuance of
preferred stock 7,222,900 - 13,931,243
Net proceeds from issuance of common
stock 7,100 50 16,258,827
Proceeds received on notes receivable - - 1,625
Proceeds from loan payable 600,000 600,000
Proceeds from notes payable 17,000 - 692,500
Payment of notes payable - (41,667) (91,667)
Obligation under capital lease 192,404 (14,736) 142,785
------------- ----------- ----------------
Net cash provided by financing
activities 7,439,403 543,647 31,535,313
Net increase (decrease) in cash and
cash equivalents 491,537 (6,784,017) 4,026,293
Cash and cash equivalents at beginning
of period 337,044 10,810,310 -
------------- ----------- ----------------
Cash and cash equivalents at end of
period $ 828,581 4,026,293 4,026,293
============= =========== ================
Supplemental disclosure of noncash
transactions:
Conversion of Note Payable to Series
A and Series B Preferred Stock $ - - 642,500
Conversion of mandatorily redeemable
convertible preferred stock to common
shares - - 16,264,199
Notes issued for 828,750 common shares - - 1,625
Deferred compensation 459,390 - 833,086
Accretion of redemption value attributable
to mandatorily redeemable convertible
preferred stock 375,532 - 1,616,445
Unrealized gains on available for
sale securities (5,284) 84,173 142,484
============= =========== ================
See accompanying notes to financial statements.
</TABLE>
5
<PAGE>
VIROPHARMA INCORPORATED
(A Development Stage Company)
Notes to Financial Statements
June 30, 1996 and 1997
(unaudited)
(1) ORGANIZATION AND BUSINESS ACTIVITIES
ViroPharma Incorporated (a development stage company) (the "Company") was
incorporated in Delaware on December 5, 1994. The Company is a development
stage company engaged in the discovery and development of proprietary
antiviral pharmaceuticals for the treatment of diseases caused by RNA
viruses.
The Company is devoting substantially all of its efforts towards conducting
drug discovery and development, raising capital, conducting clinical trials,
pursuing regulatory approval for products under development, recruiting
personnel and building infrastructure. In the course of such activities, the
Company has sustained operating losses and expects such losses to continue
for the foreseeable future. The Company has not generated any significant
revenues or product sales and has not achieved profitable operations or
positive cash flow from operations. The Company's deficit accumulated during
the development stage aggregated $15,463,235 through June 30, 1997. There is
no assurance that profitable operations, if ever achieved, could be sustained
on a continuing basis.
The Company plans to continue to finance its operations with a combination of
stock issuances, private placements and follow-on public offerings, license
payments, payments from strategic research and development arrangements and,
in the longer term, revenues from product sales. There are no assurances,
however, that the Company will be successful in obtaining an adequate level
of financing needed for the long-term development and commercialization of
its planned products.
BASIS OF PRESENTATION
The information at June 30, 1997 and for the six months ended June 30, 1996
and 1997, is unaudited but includes all adjustments (consisting only of
normal recurring adjustments) which, in the opinion of management, are
necessary to state fairly the financial information set forth therein in
accordance with generally accepted accounting principles. The interim
results are not necessarily indicative of results to be expected for the full
fiscal year. These financial statements should be read in conjunction with
the audited financial statements for the year ended December 31, 1996
included in the Company's Annual Report on Form 10-K filed with the
Securities and Exchange Commission.
6
<PAGE>
VIROPHARMA INCORPORATED
(A Development Stage Company)
Notes to Financial Statements, continued
(unaudited)
(2) PRO FORMA NET LOSS PER SHARE
For periods subsequent to the Company's Initial Public Offering (IPO) in
November 1996, net loss per share is calculated by dividing the net loss by
the weighted average number of common shares outstanding for the respective
periods adjusted for the dilutive effect, if any, of common stock
equivalents, which consist of stock options and warrants using the treasury
stock method. Common stock equivalents that are anti-dilutive are excluded
from net loss per share calculations subsequent to the IPO.
For periods prior to the Company's IPO, all common and common equivalent
shares from stock options and warrants and convertible preferred stock issued
during the twelve-month period prior to the IPO at prices below the IPO price
are presumed to have been issued in contemplation of the IPO and have been
included in the calculation of pro-forma net loss per share as if they were
outstanding for all periods presented (using the treasury stock method and an
IPO price of $7.00 per share). The calculation of shares used in computing
pro-forma net loss per share prior to the Company's IPO also included all
series of mandatorily redeemable convertible preferred stock, assuming
conversion into shares of common stock (using the if-converted method) from
their respective original dates of issuance. In the computation of pro forma
net loss per share, accretion of the redemption value attributable to
mandatorily redeemable convertible preferred stock is not included as an
increase to net loss.
The following table sets forth the calculation of total number of shares used
in the computation of pro forma net loss per share for the six months ended
June 30, 1996 and 1997:
<TABLE>
<CAPTION>
1996 1997
--------- ---------
<S> <C> <C>
Weighted average common shares
outstanding 890,612 9,080,238
Incremental shares assumed to be
outstanding related to common stock,
stock options and warrants granted
and convertible preferred stock based
on the treasury stock method 187,487 -
Convertible preferred stock
(if-converted method) 5,085,668 -
--------- ---------
Weighted average common and common
equivalent shares used in computation
of pro forma net loss per share 6,163,767 9,080,238
========= =========
</TABLE>
(3) MANUFACTURING AGREEMENT
In April 1997, the Company entered into a development agreement with SELOC AG
(SELOC) and SICOR S.A. (SICOR), subsidiaries of Schwarz Pharma AG, for the
manufacture of clinical supplies of pleconaril, the Company's most advanced
drug candidate. Under the terms of the agreement, SELOC and SICOR will
manufacture pleconaril for use in clinical trials and further develop the
synthetic process for production of commercial quantities of pleconaril.
7
<PAGE>
VIROPHARMA INCORPORATED
(A Development Stage Company)
Notes to Financial Statements, continued
(unaudited)
(4) COMMON STOCK TRANSACTION
In June 1997, certain holders of warrants exercisable for shares of the
Company's Common Stock exercised such warrants on a cashless basis for an
aggregate of 71,795 shares of Common Stock that were otherwise exercisable on
a cash basis for 81,597 shares of Common Stock.
(5) RELATED PARTY TRANSACTIONS
On June 12, 1997, the Company loaned $104,107 to an officer of the Company in
connection with his relocation. The loan bears interest at the lowest
Federal Applicable Rate of 6.8% annually and comes due in full on the date of
the officer's resignation from the Company or in monthly installments
beginning on the date of termination of such officer's employment with the
Company (other than by resignation), and extending over a period of between
48 months and 192 months thereafter, depending upon when the termination of
employment occurs. On each anniversary of the date of the loan, 25 % of the
original principal amount of the loan will be forgiven by the Company so long
as the officer is in the Company's employ.
(6) SUBSEQUENT EVENTS
On July 21, 1997, the Company entered into a lease for laboratory and office
space commencing after the current lease expires in 1998. The term of the
new lease is ten years with two five-year renewal options. Under the lease
terms, the Company is required to contribute approximately $800,000 in 1997
to the cost of the laboratory construction. The Company also has the right,
under certain circumstances, to purchase the new facility at a purchase price
based on a pre-determined formula.
On July 28, 1997, the Company completed a follow-on public offering of 2
million shares of common stock. Net proceeds approximated $25,550,000.
8
<PAGE>
ITEM 2.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
This discussion contains forward-looking statements that involve risks
and uncertainties. The Company's actual results may differ significantly
from the results discussed in the forward-looking statements. Factors that
might cause or contribute to such differences include, but are not limited
to, those discussed in "Risk Factors" described in the Company's Prospectus
dated July 23, 1997.
Since inception, the Company has devoted substantially all of its
resources to its research and product development programs. ViroPharma has
generated no revenues from product sales and has been dependent upon funding
primarily from equity financing. The Company does not expect any revenues
from product sales for at least the next three year period. The Company has
not been profitable since inception and has incurred a cumulative net loss
of $15,463,235 through June 30, 1997. Losses have resulted principally from
costs incurred in research and development activities and general and
administrative expenses. The Company expects to incur additional operating
losses over at least the next several years. The Company expects such
losses to increase over historical levels as the Company's research and
development expenses increase due to further clinical trials, manufacture of
drug substance and preclinical development of pleconaril, and further
research and development related to other product candidates. The Company's
ability to achieve profitability is dependent on developing and obtaining
regulatory approvals for its product candidates, successfully
commercializing such product candidates, which may include entering into
collaborative agreements for product development and commercialization, and
securing contract manufacturing services.
RESULTS OF OPERATIONS
Three-month period ended June 30, 1997 compared to three-month period ended
June 30, 1996.
The Company earned no revenues during the three months ended June 30,
1997 and 1996. Net interest income increased to $263,678 for the three
months ended June 30, 1997 from $18,457 for the three months ended June 30,
1996, principally due to larger invested balances provided by the proceeds
of the Company's initial public offering completed in November 1996.
Research and development expenses increased to $2,640,585 for the
three months ended June 30, 1997 from $1,209,129 for the three months ended
June 30, 1996. The increase was principally due to the cost of clinical
trials related to pleconaril and the advancement of drug candidates for the
Company's influenza, hepatitis C and viral pneumonia programs.
General and administrative expenses increased to $785,951 for the
three months ended June 30, 1997 from $453,546 for the three months ended
June 30, 1996. The increase was principally due to increased personnel
expenses and public company costs, as well as to increased costs associated
with the pursuit of corporate collaborations.
The net loss increased to $3,162,858 for the three months ended June
30, 1997 from $1,644,218 for the three months ended June 30, 1996.
9
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS, continued
Six-month period ended June 30, 1997 compared to six-month period ended
June 30, 1996.
The Company earned and received a milestone payment of $750,000 from
Boehringer Ingelheim during the six month period ended June 30, 1997. The
Company earned no revenues during the six months ended June 30, 1996. Net
interest income increased to $455,084 for the six months ended June 30, 1997
from $74,281 for the six months ended June 30, 1996, principally due to
larger invested balances provided by the proceeds of the Company's initial
public offering completed in November 1996.
Research and development expenses increased to $4,548,837 for the six
months ended June 30, 1997 from $2,624,558 for the six months ended June 30,
1996. The increase was principally due to the cost of clinical trials
related to pleconaril and the advancement of drug candidates for the
Company's influenza, hepatitis C and viral pneumonia programs.
General and administrative expenses increased to $1,550,519 for the
six months ended June 30, 1997 from $673,719 for the six months ended June
30, 1996. The increase was principally due to increased personnel expenses
and public company costs, as well as to increased costs associated with the
pursuit of corporate collaborations.
The net loss increased to $4,894,272 for the six months ended June 30,
1997 from $3,223,996 for the six months ended June 30,1996.
10
<PAGE>
LIQUIDITY AND CAPITAL RESOURCES
The Company commenced operations in December 1994. The Company is a
development stage company and to date has not generated revenues from product
sales. The cash flows used in operations are for research and development
activities and the supporting general and administrative expenses. Through June
30, 1997, the Company has used approximately $10.8 million in operating
activities. The Company invests its cash in short-term investments. Through
June 30, 1997, the Company has used approximately $16.7 million in investing
activities, including approximately $15.7 million in short-term investments and
$1.0 million in equipment purchases. Through June 30, 1997, the Company has
financed its operations primarily through an initial public offering of Common
Stock and private placements of redeemable preferred stock and Common Stock
totaling approximately $31.5 million. At June 30, 1997, the Company had cash
and cash equivalents and short-term investments aggregating approximately $19.5
million. On July 28, 1997, the Company completed a follow-on public offering of
2 million shares of common stock. Net proceeds from this offering were
approximately $25.6 million.
The Company leases its corporate and research and development facilities
under an operating lease expiring in 1998. On July 21, 1997, the Company
entered into an operating lease for laboratory and office space aggregating
48,400 square feet commencing after the current operating lease expires. Under
the lease terms, the company is required to contribute approximately $800,000 in
1997 to the cost of the laboratory construction. Annual rent is expected to
increase by approximately $400,000 over current levels. The Company also has
the right, under certain circumstances, to purchase the new facility at a
purchase price based on a predetermined formula. The Company has financed
substantially all of its equipment under two master lease agreements and one
bank loan. The bank loan, which was consummated in February 1997, is for
$600,000, is payable in equal installments over 72 months and bears interest at
approximately 9%. The Company is required to repay amounts outstanding under the
two leases within periods ranging from 32 to 48 months. As of June 30, 1997,
outstanding borrowings under these arrangements are approximately $1.2 million.
The Company is required to make a milestone payment to Sanofi, S.A. of up to $2
million upon the earlier of a future milestone event as defined in the agreement
with Sanofi or December 1998. In addition, the Company would also be required
to make certain significant additional payments, including royalties, as
defined, should agreed-upon future milestones be attained.
The Company has incurred losses from its operations since inception. The
Company expects to incur additional operating losses over at least the next
several years. The Company expects such losses to increase over historical
levels as the Company's research and development expenses increase due to the
cost of further clinical trials, manufacture of drug substance and preclinical
development of pleconaril, and further research and development related to other
product candidates. The Company will require additional financing for
operations prior to achieving positive cash flows from its commercial
activities. The Company expects that it will need additional financing to
complete all clinical studies for pleconaril and other development and required
testing for any other of the Company's product candidates. To obtain this
financing, the Company may seek to access the public or private equity markets
or enter into additional arrangements with corporate collaborators. To the
extent the Company raises additional capital by issuing equity securities,
ownership dilution to existing stockholders may result. There can be no
assurance, however, that additional financing will be available on acceptable
terms from any source.
In February 1997, the Financial Accounting Standards Board ("FASB") issued
Statement of Financial Accounting Standards No. 128 "Earnings Per Share"
(Statement 128). The provisions of Statement 128 specify the computation,
presentation and disclosure requirements for earnings per share effective for
the year ended December 31, 1997. Statement 128 should have no significant
effect on earnings per share due to the antidilutive nature of the common stock
equivalents issued to date by the Company. In addition, the FASB issued three
statements that may require additional future disclosure. They are for
comprehensive income, capital structure disclosure and segment disclosure. The
Company will implement the provisions of these statements starting in 1997 and
1998. The Company does not expect these statements to have a significant effect
on the financial statements.
11
<PAGE>
PART II - OTHER INFORMATION
- ----------------------------
ITEM 2. CHANGES IN SECURITIES.
In June 1997, certain holders of warrants exercisable for shares of the
Company's Common Stock exercised such warrants on a cashless basis for an
aggregate of 71,795 shares of Common Stock that were otherwise exercisable on a
cash basis for 81,597 shares of Common Stock. The Company believes that these
transactions were exempt from registration under Section 4(2) of the Securities
Act of 1933, as amended because the transactions did not involve a public
offer.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
On May 28, 1997, the Company held its annual stockholders meeting (the
"Meeting"). In connection with the Meeting, the Company solicited proxies for
the election of Dr. Christopher Moller and Mr. David Scheer as directors of the
Company. The record date for determining the stockholders entitled to receive
notice of, and vote at, the Meeting was April 1, 1997 (the "Record Date"). The
Company had 9,077,116 shares of its Common Stock outstanding as of the Record
Date, of which 7,555,722 were represented at the Meeting (7,289,955 shares by
proxy and 265,767 shares in person). Such shares were voted at the Meeting in
respect of the election of Dr. Moller and Mr. Scheer to the Company's board of
directors as follows:
<TABLE>
<CAPTION>
Number of Votes
FOR WITHHELD
--------- --------
<S> <C> <C>
Dr. Christopher Moller 7,555,722 -0-
Mr. David Scheer 7,555,722 -0-
</TABLE>
Claude Nash, Ann Lamont, Steve Dow, Jon Gilbert, and Frank Baldino each
continued his or her term of office as a director after the meeting.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) List of Exhibits:
27.0 Financial Data Schedule
(b) Reports on Form 8-K:
There were no reports on Form 8-K filed during the quarter ended
June 30, 1997.
12
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
VIROPHARMA INCORPORATED
Date: August 12, 1997 By: /s/ Claude H. Nash
----------------------------------
Claude H. Nash
President, Chief Executive Officer and
Chairman of the Board of Directors
By: /s/ Vincent J. Milano
---------------------------------
Vincent J. Milano
Vice President, Finance &
Administration and Treasurer
(Principal Financial Officer)
13
<PAGE>
Exhibit Index
Exhibit Description
- ------- -----------
27 Financial Data Schedule
14
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<CASH> 4,026,293
<SECURITIES> 15,519,962
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 19,804,023
<PP&E> 1,064,078
<DEPRECIATION> 167,808
<TOTAL-ASSETS> 21,148,773
<CURRENT-LIABILITIES> 4,694,727
<BONDS> 0
0
0
<COMMON> 18,298
<OTHER-SE> 15,892,573
<TOTAL-LIABILITY-AND-EQUITY> 21,148,773
<SALES> 0
<TOTAL-REVENUES> 750,000
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 6,099,356
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 21,362
<INCOME-PRETAX> (4,894,272)
<INCOME-TAX> 0
<INCOME-CONTINUING> (4,894,272)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (4,894,272)
<EPS-PRIMARY> (.54)
<EPS-DILUTED> 0
</TABLE>
